Binance Coin Is in a Range-Bound Move Between the $225 and $305 Levels

Jul 01, 2021 at 11:30 // News

Binance Coin (BNB) has been trading marginally above the previous low at $210 support. Since June 21, BNB price has moved between $225 and $305 levels.

The price has been trading within the limited range. For the past week, the market has been characterized by small body indecisive candles called doji and spinning tops.

These candlesticks are responsible for the marginal price movement. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. Today Binance Coin is falling on the downside. If the price finds support above the previous low, the range-bound move will continue to the upside. Nevertheless, the previous low has not been broken by the bears.

Binance Coin indicator reading

The cryptocurrency has fallen to the 40 level of the Relative Strength Index of period 14. This indicates that the price is in the downward zone and below the midline 50. BNB is below the 60% area of the daily stochastic. It indicates that the market is in a bearish momentum.

Technical indicators:

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in a downward correction. Binance is trading in a limited range between $225 and $305. Meanwhile, on May 19 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. This retracement suggests that the market will fall to the 1,272 Fibonacci extension level or the $138.89 level. From the price action, it appears that the market is consolidating above the previous low.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.



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